2006 New York Code - Exemption From Taxes, Assessments And Certain Fees; Payments In Lieu Of Taxes.

 
    § 1045-u. Exemption from taxes, assessments and certain fees; payments
  in  lieu  of  taxes. 1. It is hereby determined that the creation of the
  authority and the carrying out of  its  corporate  purposes  is  in  all
  respects  for the benefit of the people of the city and of the state and
  is a public purpose and the authority shall be regarded as performing  a
  governmental function in the exercise of the powers conferred upon it by
  this  title  and  shall  not  be  required  to pay any taxes, special ad
  valorem levies or special assessments upon any real property owned by it
  or any filing, recording or  transfer  fees  or  taxes  in  relation  to
  instruments  filed,  recorded or transferred by it or on its behalf. The
  authority shall be deemed a public authority for the purposes of section
  four hundred twelve of the real property tax law.
    2. Notwithstanding any provision in this section to the contrary,  the
  authority may pay, or may enter into agreements with any municipality to
  pay,  a  sum  or  sums,  annually  or  otherwise,  or  to  provide other
  considerations to such municipality with respect to real property  owned
  by the authority located within such municipality.
    3.  Any  bonds  issued pursuant to this title together with the income
  therefrom shall be exempt from taxation except for transfer  and  estate
  taxes. The revenues, moneys and all other property and activities of the
  authority  shall  be  exempt  from  all  taxes  and governmental fees or
  charges, whether imposed by the state  or  any  municipality,  including
  without  limitation  real  estate taxes, franchise taxes, sales taxes or
  other excise taxes. The state hereby covenants with the  purchasers  and
  with  all  subsequent  holders  and  transferees  of bonds issued by the
  authority pursuant to this title, in consideration of the acceptance  of
  and  payment  for  the  bonds,  that  the  bonds of the authority issued
  pursuant to this title and the income therefrom shall be free from  such
  taxation,  as  aforestated  herein,  and  that all revenues, moneys, and
  other property pledged to secure the payment of such bonds shall at  all
  times be free from such taxes as aforestated herein.